Promotional Money Market rate, for new clients, with $10k minimum
I have one question. You wrote that this rate is for "new clients".
According to the info in the link you posted (including the fine print), I can see that it must be a new Money Market account that is funded with "new money" ("deposits not previously held by Amalgamated Bank").
But I did not notice anything requiring that one must be a new client (or customer) of the bank.
Did I miss something?
I defer to your research & insight — which is why I included the link.
Not sure it's worth spelling this all out, but . . .
For most of us (without any current relationship with Amlgamated) we'd need to become new clients / customers in order to take advantage of this offer. That much seems clear . . . but YMMV :-)
Nonetheless, a darn good deal, methinks, however you manage to swing it . . . A cut above the competition, particularly with regard to (1) a fixed rate — if only for six months; and (2) complete liquidity (for other opportunities, should they arise) — save for the $10k commitment.
Compare with 6-month CDs, currently yielding no greater than 4.5% . . .
I'm kinda curious, though, whether existing Amalgamated customers were notified directly about this offer
https://depositquest.substack.com/p/deposit-diary-daily-359
In my opinion both are very risky because NY, in spite of having some of the highest taxes in the country, is on the verge of bankruptcy due to reckless spending and their governor and state officials are pushing outrageous corrupt budgets that may well finish the job.
On top of that they are losing their wealthiest people who are leaving the state due to the confiscatory taxes and may find that that they will not have the option to confiscate their wealth anymore to fund the corrupt spending. In the meantime they are boasting about being a sanctuary for illegals and spending billions of dollars to provide them with fancy hotels, cell phones and 3 culturally appropriate meals every day (did I mention free healthcare, school and college). Who is going to keep paying for that when all the people they soak are fleeing? It's a perfect storm of fiscal disaster.
Hmmmm No pressure, right?
We took our 1st trip to see the Intrepid museum on the west side in 3 years (I live 25 miles from NYC). The city is filled with tourists and the rents in NYC are sky rocketing. My brother in laws house is Brooklyn which is tiny and a dump is worth 1.5 million. Another relative has people begging to buy their attached house for 1.4 million. I agree NY is a corrupt state and I pay ridiculous taxes (we are looking to move) but the city and state have money coming in.
Doug did not state that his bond was MTA. He just has the CUSIP number. A state agency floats the bonds for the college so they get a better rate being a tax free bond.
New School is a BIG liberal college too.
Your bond will mostly likely will be called 1/27 unless rates go up. If not called, they will not mature till 2046. If you have to sell you can lose or gain when you sell the bond. Your bond is a dormitory bond for the New School. New School is a private university, and you would have to decide their ability to make the payments. If the school goes under you lose your capital. I couldn't find the bond rating for safety. I would ask for that.
I prefer bonds that have a revenue source like the MTA or NYC water bonds that collect revenues and the state won't allow them to default as they need financing to function. NY state school district bonds have an intercept clause that the bonds can intercept school aid to pay bonds. NYC Health and Hospitals have a similar set up with federal reimbursements (at leaset when I owned them years ago).
The New School is expected to breakeven by the time the 2024 fiscal year ends on June 30, despite a projected $57 million budget deficit.
The university’s short-term and long-term financial stabilization plans to address the deficit were endorsed by the Board of Trustees in December, university spokesperson Merrie Snead told the New School Free Press in an email.
The university has made substantial progress in executing their plan through “several mitigation actions,” according to Snead. If their plan is fully realized, “the expectation is that the university will end the fiscal year near or breakeven,” Snead said.
The first phase of the university’s plan to address the deficit — stabilizing the university’s current finances — was accomplished by “reducing planned expenditures.” The university did not detail exactly what these expenditures were in their comment.
I'd pass.
I hope to be able to read the tea leaves someday, as fluently as you :-)
This is from EMMA (Electronic Municipal Market Access) -- click on "Ratings" and keep on scrolling:https://emma.msrb.org/Security/Details/A2C0FC55CB25ABED798D4124BBE6248DD
As Rickny noted, the key to this bond's safety is the financial health of the New School. You can safely ignore P_D_1's comment about "culturally appropriate meals".
Something definitely to chew on — culturally appropriate, or not . . .
Time for a late lunch, now :-)
